CRM (Customer Relationship Management) is one of the most important tools for any B2B tech company. From keeping notes on your current clients to identifying leads, your CRM has the potential to open doors for new opportunities for sales, you just have to know what to look for and how to get it.
It’s not just about having your contact information. Yes, that’s valuable and can give you incredible insight into who your ideal customer persona (ICP) is, but only if you use the CRM to the fullest of its abilities. Similar to how social media’s algorithm rewards you when you fill out a complete profile (yes, that’s a thing), your CRM rewards you by giving as much detail about each contact and account included within it. The more information you have, the more revenue-building power you have.
It is worth taking the time to map out how you will use your CRM data. Through identifying MQLs, EQLs, account mapping, and creating business partnerships, you can be confident you are getting the most out of your data and it is reflected in your ability to close deals. But, you can’t be confident if you don’t know how to access the information or what to do with it once you have it.
To show you what kind of heat your CRM is packing, here are just three examples of what your CRM can do that you’re not using it for, yet.
Generate Leads
MQLS
The importance of quality lead generation is undeniable. CRM data can help businesses identify Marketing Qualified Leads (MQLs). MQLs are potential consumers who have shown interest in your product or service but have not yet bought it. They are much more likely to buy from you than the average lead. In fact, nurtured consumers spend 47% more than clients who purchase on their own.
These golden contacts are often buried in CRM data and can be hard to find in all the noise. Correctly calibrating your CRM software will help you find this information.
EQLS
Ecosystem Qualified Leads (EQLs) are the next level in utilizing your CRM to generate leads. On average, EQLs convert 2x higher than other leads and have 45% larger deal sizes. How do you find EQLs? You can’t do it alone.
EQLs are the customers or accounts of your partners. To access these leads, you should securely share information through a GDPR compliant platform, like Reveal. The reason you should use a platform is for accuracy, efficiency, and security. Reveal in particular makes this information actionable as opposed to just having the information and not having something to do with it.
Create Partnerships to Co-Market & Co-Sell
Businesses that identify their partners within their ecosystem have a competitive edge. A business ecosystem includes companies in the same industry or those who sell a complimentary product or service. Each business will have some existing client overlap and many unique clients that the other company does not work with yet.
Regularly spend time account mapping using CRM data. You will find the following:
- Discover your ecosystem and identify potential partnerships.
- Determine which potential clients are already buying from your partners and vice versa.
- Identify which accounts you have in common and which your partner does not yet have accounted for in their CRM software.
You will also be able to use this information to introduce each other to decision-makers at new businesses, turning cold calls into quality contacts.
By making these simple tasks a routine, you will be able to continually skim your CRM data for the lowest hanging fruit with the highest potential return. You and your partner will also create a better marketing campaign as you identify your joint client base and sell to their needs.
Close Deals
We all know that sales are about people. If you can’t find the people searching for your product, you aren’t going to sell.
Enriched CRM data allows you to zone in on your target persona. You’ll have the most valuable information possible that will enable you to target the right audience, close more deals, and save time. For example, according to Nucleus Research, real-time customer data shortens the sales cycle by 8-14%. Understanding the target consumer allows you to create customized joint-marketing campaigns with your partners and watch your company grow.
To make your CRM work for you, you need a complimentary platform that extracts the information you and your partners have and makes it actionable. As the saying goes, two heads are better than one. Get the ROI that you always wanted from your CRM for free, forever. Learn how Collaborative Growth can get you there here.
